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Old 07-29-2020, 08:41 AM   #48
MrChrisLS3


 
Drives: 2018 1SS M6
Join Date: Nov 2014
Location: Houston
Posts: 2,610
Quote:
Originally Posted by Coded4SS View Post
Avoid dealer loans. They do things like not let you pay off the principal faster you have to mail in hand written checks to pay off the principal. There is things like this with dealer loans they work to their advantage. Why go through a third party middle man for what you can do on your own?

Go to credit union get the best rate you can and if you want to see if your dealer can beat it then go ahead. In my experience it's always always better to avoid the dealer.
To address this directly, unless this is a buy here pay here lot, which is a completely different animal, once the loan is funded, you're relationship is now strictly between you and the lender, the dealership is no longer involved.

On that loan, you have a contracted monthly payment. Anything you pay over and above that amount on any given payment goes directly towards principal.
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